Appraiserblogs

JANUARY 8, 2024

The seeming destruction of the appraisal profession by the federal government, GSEs and lending stakeholders is a collective action problem. Appraisers are responding to new GSE and lending dictates with reactions based on our own personal well-being. It is appraisers who are destroying the message.

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Appraisal Valuation Lending Contracts 129

Housing Wire

JULY 19, 2023

Go Mortgage sued its former director of capital markets for “corporate sabotage,” alleging computer fraud, violation of trade secrets, breach of contract and tortious interference with a business relationship. The lender claims actions by Katie Chikonde cost the lender millions of dollars.

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Mortgage Marketing Retail Construction 370

Housing Wire

APRIL 8, 2021

First, the pre-approval letter tells the seller that you are serious about buying a home and that you have a commitment from a reputable lender on how much it will lend to you. Another seller’s home may need repairs, and you put in your offer the need for a seller credit to pay for them. In an extremely competive market?

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Inspection Sellers Buyers Tools 468

Housing Wire

JULY 19, 2022

Freddie Mac and Fannie Mae give [lenders] a little bump on their origination fee to encourage small-dollar lending,” said Loftin. ” A recent report from researchers at The Pew Charitable Trusts underscored the challenges of small-balance mortgage lending. It’s an acknowledgement that you’re making less on a small-dollar loan.”.

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Mortgage Finance Lending Development 397

Housing Wire

FEBRUARY 9, 2021

Specifically, they want to be sure it’s worth the money they’re lending you and, most importantly, that they’ll recoup their investment if you default on the loan. Your next move would be to renegotiate with the seller. Ask for seller concessions to make up for the increased price. The purpose?

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Appraisal Real Estate Agent Sellers Real Estate 482

Housing Wire

JUNE 11, 2021

You can potentially ask the seller to pay for the improvements, or you can ask for a lower sales price to offset the cost of the repairs. If the appraised value ends up matching or is higher than the contract price, the transaction can continue as planned. The Citi team wants you to feel confident during your home-buying journey.

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Inspection Appraisal Appraisal Process Buyers 459

Listing Spark

JUNE 21, 2022

Back then, terrible lending regulations, a surplus of inventory, and little to no equity for homeowners was a recipe for disaster. The good news for sellers is that the Texas median list price is up over 18% YOY. So, don’t panic if your home doesn’t have a contract in the first week or two of being on the market. . SOURCE: St.

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Sellers Housing Market Marketing Inventory 69

Housing Wire

FEBRUARY 7, 2023

It essentially allows qualified buyers with a government loan to purchase a home by assuming responsibility for the sellers’ mortgage terms, including the current balance and interest rate. It also allows home sellers to receive top dollar for the home, he said. The product, known as an assumable mortgage, is not new.

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Mortgage Loan Officers Government Buyers 397

Housing Wire

OCTOBER 16, 2023

Not to mention the current mortgage rates at decades-high levels as well as sellers who are locked in with pandemic low rates. This approach is negotiated in the contract; it’s a seller concession to the buyer for a set amount. Sellers are even using this as a tool to attract buyers. It never will be.

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Agents Buyers Sellers Inventory 435

Housing Wire

APRIL 13, 2021

Jay Garrett, a loan officer at Supreme Lending ’s McClellan Branch in Austin, said he is seeing 10 to 40 offers on houses no matter where they are in Austin, and cash offers are winning the day because sellers don’t want to have to worry about the house appraising too low for someone who needs financing. “If

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Housing Market Buyers Marketing Real Estate Agent 535

Housing Wire

JANUARY 20, 2023

The lack of sellers is also a demand problem and what we saw after June of 2022 is that sellers called it quits earlier and faster in the year than usual, resulting in total existing home sales totaling 5,030,000 to end 2022. I have often said that anytime days on the market are at a teenager level, nothing good will happen.

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Inventory Housing Market New Listings Marketing 541

JMV Lending

APRIL 2, 2021

APPRAISAL COMES IN LOW We had an appraisal come in slightly under contract price this week. So, when the appraisal came in low, both agents, the seller […]. The post Appraisers Can’t Push Values; Must Avoid Reviews/Cuts appeared first on JVM Lending.

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Appraisal Contracts Lending Sellers 97

Appraisal Buzz

MAY 17, 2021

As appraisers, we faced tremendous pressure from buyers, sellers, real estate agents, and loan officers during the previous run-up. Almost daily, there is some story on social media about being “turned in” to the state by a disgruntled agent, buyer, or seller for appraising a property below the contract price.

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Appraisal Clients Real Estate Sellers 418

Raleigh Realty

AUGUST 17, 2021

Understanding Due Diligence and Earnest Money in North Carolina Real Estate When you go under contract on a home in North Carolina you are going to encounter terms like Due Diligence and Earnest Money. It's important to note that real estate contracts and laws change depending on what state you are in. Due Diligence: What Is it?

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Real Estate Real Estate Agent Contracts Inspection 148

Housing Wire

JUNE 14, 2022

HousingWire recently spoke with Jon Irvine, Chief Production Officer at Change Lending, about how brokers can gain a new competitive advantage in the current tight market. Such market volatility has led to sleepless nights for real estate agents and LOs as well as buyers and sellers in recent few days. Presented by: Change Wholesale.

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Marketing Real Estate Real Estate Agent Brokerage 370

Housing Wire

JUNE 9, 2022

That is typically accomplished through whole loan sales or private label securitizations along with hedging — such as the use of third-party forward contracts that allow for bulk loan sales at a future date at a predetermined rate. Yoon added that the new app also will “be built on the backside as blockchain-capable.”

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Marketing Contracts Technology Mortgage 397

Housing Wire

APRIL 6, 2021

With others waiting in line behind her, the seller wouldn’t budge on price. How hybrid title and valuations help increase lending efficiency. For example, one client had a home under contract for $983,000 and the list/appraised value was just $900,000, the LO said. Sellers are surely getting greedy.”. million,” he added.

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Appraisal Reconsideration of Value Real Estate Agent Sellers 540

Realtor

JULY 13, 2021

In our current seller’s market, the national inventory of active listings is down 43.1% They’re making sky-high offers and writing heartfelt letters to sellers about why they should get the house. The provisions of a contingency contract are there to protect buyers and sellers. Mold remediation.

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Inspection Real Estate Agent Real Estate Buyers 203

Eppraisal

OCTOBER 23, 2023

The seller can reject your bid, make a counteroffer or accept your original proposal. Your response depends on how the seller replies. If the Seller Rejects Your Offer The seller may deny your home purchase offer for various reasons. You can say no to the counteroffer, accept it or propose new changes to the contract.

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Real Estate Agent Sellers Inspection Real Estate 69

Housing Wire

NOVEMBER 3, 2023

The lawsuit, which was originally filed in 2019 and won class-action status in April, alleges that some NAR rules, including one that requires listing brokers to offer buyer brokers a commission to list a property in a Realtor-affiliated MLS, violate the Sherman Antitrust Act by inflating seller costs.

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Real Estate Brokerage Buyers Property Management 345

Housing Wire

MAY 2, 2024

Ben Hunsaker, a Beach Point Capital Management portfolio manager who is focused on securitized credit, said that during the past year, nonqualified mortgage (non-QM) AAA bond spreads have actually contracted from 155 to 135, while agency mortgage-backed securities (MBS) spreads have widened from about 118 to 134 over the same period.

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Marketing Mortgage Investors Sellers 459

Housing Wire

OCTOBER 1, 2022

Notably, the market has contracted as fewer buyers can afford to purchase in today’s market with the rise in interest rates and the continual rise in home prices. However, in many areas of the country it does remain a seller’s market. Another reason why distressed sales are likely low, is that lending standards remain tight.

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Realtors Housing Market Marketing Buyers 418

Housing Wire

SEPTEMBER 22, 2021

BD: First and foremost, the biggest pain point for brokers is finding lenders that offer mortgage solutions outside of the conventional lending box. Turn times are a huge pain point, especially when borrowers in unique situations may be pressed to close more quickly in a competitive seller’s market.

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Finance Technology Lending Mortgage 370

Housing Wire

NOVEMBER 1, 2023

I was speaking to someone the other day who said, ‘If you’re in this business [mortgage lending], I can’t see a downside to a recession.’” And so virtually every deal being put on the table now is an asset-only, earn-out offer, with no money upfront, so they [the seller] get paid assuming the buyer makes a profit. “So,

Mortgage 468

Mortgage Loan Officers Finance Buyers 468

Eppraisal

OCTOBER 19, 2021

Buyers are offering sellers prices considerably above list price in many cases. There are many instances nowadays where a house doesn't appraise for the price on the contract. This impacts the lenders, the sellers and the buyers in the transactions. The lender will only lend the loan-to-value amount of money to you, the buyer.

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Appraisal Contracts Sellers Home Value 66

Birmingham Appraisal

AUGUST 23, 2023

The agent’s client (buyer or seller) can make an informed buying or selling decision and the appraiser’s client (bank) can make an informed lending decision. Creating Accurate Initial Expectations: Agents and appraisers collaborating early in the process help set accurate expectations for buyers and sellers.

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Agents Appraisal Valuation Appraisal Process 85

Eppraisal

FEBRUARY 17, 2023

The average consumer may not know the difference between the two, however, home buyers and sellers need to know. " All in all, a CMA is performed by a real estate agent for a home seller or a home buyer. An appraisal is ordered by the buyer's bank or mortgage company after a buyer has a contract on a home.

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Appraisal Real Estate Agent Marketing Real Estate 36

Miller Samuel

FEBRUARY 12, 2019

In ’09, Miller said sellers were anchored to the “pre-Lehman, pre-financial crisis asking prices” and had to travel farther on price to meet a buyer. Miller measures listing discount by the percent difference between the contract price and the price that the property was listed for sale at the time of contract – not when it was first listed).

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Marketing Real Estate Appraisal Sellers 221

Appraisal Today

JUNE 21, 2024

To read the listing, plus a video tour and 22 photos, Click Here An open letter to overpriced sellers And some fun memes ;> June 12, 2024 By Ryan Lundquist Excerpts: Yes, the above top image is a Xena Warrior Princess meme. It tells us more about the trend one month ago when the property got into contract. Don’t get me wrong.

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Appraisal Architecture Contracts Design 72

Hank Miller Team

NOVEMBER 22, 2022

They do not represent either buyer or seller. In simple terms, the lender will not lend more than a certain percentage of what the home is worth as of the date of contract. On occasion, appraisals come in below contract price. They are, however, highly recommended, and often money well spent.

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Inspection Appraisal Buyers Sellers 52

Housing Wire

NOVEMBER 16, 2023

billion in damages to residential home sellers who successfully proved that the organization – which represents real estate agents at most of the top brokerages in the United States – colluded with other defendants to inflate agent commissions. Unless the decision is appealed, NAR will have to pay at least $1.8

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Realtors Contracts Real Estate Agents 448

Birmingham Appraisal

FEBRUARY 20, 2024

It’s important to understand that collaboration does not mean that both parties must work together so that the deal closes at the contract price no matter what. The lender then obtains an appraisal to make sure that the property they are lending on, which is the collateral for the loan, is worth what they are paying for it.

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Agents Appraisal Real Estate Agent Bracketing 89

Listing Spark

DECEMBER 15, 2022

Brandon Smith, who has over 13 years of investing and lending experience, specializes in owner financing and has developed a successful system for sourcing deals and minimizing risk. Where can you find good sources of lending. We’re seller direct. But basically, you know, we do seller direct marketing.

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Finance Investing Real Estate Lending 36

Will Springer Realtor

JULY 20, 2021

Gone are the days of buyers and sellers walking into a real estate office to pore over books filled with the latest MLS listings, review typed contracts in triplicate and take in the smell of singed facsimile paper in the air. Save the receipts, complete some paperwork with your broker, and sellers simply repay the costs to John L.

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Real Estate Sellers Contracts Buyers 36

Birmingham Appraisal

JUNE 13, 2023

Multiple offers do not guarantee that the property will appraise for the contract price Even if the seller accepts the highest offer, there is no guarantee that it will be supported by the market. If there are no comparable sales that support the contract price, this may result in a lower appraised value.

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Real Estate Agent Real Estate Agents Reconsideration of Value 81

Eppraisal

APRIL 20, 2021

It's a sizzling, fast-paced seller's real estate market right now. In parts of the country, sellers are receiving significantly more than asking price. If there are multiple offers, the seller's agent will probably ask each buyer for their "highest and best" offer in price and terms of the contract. It's that simple.

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Sellers Loan Officers Inventory Home Value 66

Appraisal Today

DECEMBER 8, 2023

”… Question 2: does the lending industry owe the appraiser a living? Next is, “Does the real estate mortgage lending industry owe the real estate appraiser a living?” High rates have forced some sellers to lower their asking price to make up for high interest rates on monthly payments. percent from 7.37

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Appraisal Real Estate Contracts Design 69